Economics is the study of choice under conditions of
a. demand
b. supply
c. scarcity
d. opportunity
e. abundance
C
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Under PPP (and by the Fisher Effect), all else equal
A) a rise in a country's expected inflation rate will eventually cause a more-than proportional rise in the interest rate that deposits of its currency offer in order to accommodate for the higher inflation. B) a fall in a country's expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer. C) a rise in a country's expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer. D) a rise in a country's expected inflation rate will eventually cause a less than proportional rise in the interest rate that deposits of its currency offer to accommodate the rise in expected inflation. E) a fall in a country's expected inflation rate will eventually cause an inversely proportional rise in the interest rate that deposits of its currency offer to accommodate the rise in expected inflation.
Capitalism and free enterprise are common, and the United States
a. has just begun to move in that direction after years of central planning. b. has gone further in that direction than almost any other country. c. is becoming more "free," but is not as capitalistic as many others. d. is considering a major change to "free up" its economy as many others have. e. is leading the move toward greater central planning and control.
In most markets, the equilibrium price is achieved
A. Using an equilibrium price formula. B. Through government mandate. C. Through trial and error. D. Through detailed databases.
Which of the following is a simultaneous decision game?
A) Tic-tac-toe B) Chess C) Poker D) Rock-paper-scissors